How Retailers Make Profits Again By Personalization

Due to poor customer experience, British retailers may lose 102 billion pounds ($128 billion) a year in sales, so the full realization of customer experience is the key to increasing profitability.

"Personalization is not new," said Craig Summers, general manager of Manhattan Associates, a supply chain software expert. But if the basic behavior is not correct, retailers will be unable to provide customers with the risk of experience. So far, many retailers are not yet in place.

He added: "modern consumers, whether online or in real stores, require a consistent and exclusive personal consumption experience."

"In the past ten years, there has been a fundamental change in the way consumers interact with customers from the social media," Summers said. With the strong attraction of Artificial Intelligence (AI) and the promise of accurate and timely sales promotion, personalization has become the foundation of any retail strategy. However, although marketing activities are becoming more and more complex, personalization can not be transmitted by marketing means alone.

The solution provider said: "getting the basic policy is the key. It ensures that customers can buy when they want to buy products online or in a physical store. This involves providing the store staff with the ability to track the supply chain inventory and retain items for customers to try on in the store or directly to their selected destinations. This is also related to the combination of stock availability information and customer insight, both in the retail market and through the promotion of smart advice.

"In essence, the key to successful profitability lies in the quality of interaction. This means that we should consider not only the accuracy of sales promotion, but also the complete experience of customers.

"Developing the personalized future of customers is exciting. Artificial intelligence (AI) promises to anticipate customers' desires before customers. That's great. However, the time and place for products to purchase are excellent only when they are suitable for individuals. Personalization is related to retailers: this involves clever sales promotion. Personalization must be related to customers: it must convey the quality of experience that can drive sales.

Summers said retailers need to return to the most basic level by using the technology of large-scale reconstruction of Corner shop model. By creating a real experience for customers, retailers can find ways to make profits by personalization.